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Extended recovery off earlier dip low....>

DOLLAR-YEN
MNI (London)
DOLLAR-YEN: Extended recovery off earlier dip low of Y109.56, through Thursday's
high of Y111.04 to Y111.33. Move seen driven by a mix of UST yield and Gbp/Jpy
demand, the pound having seen strong recovery drive across the board following
Thursday's MPC and BOE MPC member comments. Technical traders note that rate has
stalled close to its Jul28 high of Y111.29, a push higher to bring next
technical resistance at Y111.76 into view. Rate currently trades around Y111.23.
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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